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UAE banks invest Dh87 billion in Saudi Arabia, Egypt

dubai - It represents 12.5 per cent of the total assets invested abroad

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The investment by UAE banks in Saudi Arabia and Egypt reached Dh87.2 billion at the end of Q3 2018, representing 12.5 per cent of the total assets invested abroad, which amounted to about Dh693 billion in September of the same year.

Figures from the UAE Central Bank show that the value of investments by UAE banks, their subsidiaries and affiliates remain at their highest levels in the United Kingdom with a value of Dh53 billion.

The UAE's banking system is the largest in terms of assets in the Middle East and North Africa. By the end of September 2018, its total assets stood at Dh2.84 trillion.

The total value of investments by UAE banks in Egypt reached Dh47.2 billion at the end of September, while the value of its investments in Saudi Arabia was Dh40 billion; Dh36 billion in the Cayman Islands; Dh34 billion in the United States, Dh25 billion in India, Dh20 billion in Oman, and about the same value in Bahrain, while the rest was distributed between other countries.

Among the top 10 countries that invest in UAE banks, three countries saw the highest quarterly increase (end of September): Egypt at Dh12.6 billion, the Cayman Islands with Dh5.4 billion and Saudi Arabia with Dh4.9 billion, according to the Central Bank.

One of the largest increases from the beginning of 2018 until the end of September came from Egypt at Dh17.7 billion, the Cayman Islands at Dh7.2 billion and India at Dh5.4 billion. - Wam